Benchmarks · Real estate
Real estate:
numbers with primary sources
14 figures from primary documents: the CBRE cap rate survey, Fannie Mae's underwritten DSCR floor, Prologis development stabilizations, Nareit portfolio metrics, and the Bank of Russia statistics on escrow-based construction finance.
Russian development: escrow and project finance
| Metric | Value | Period | Source |
|---|---|---|---|
| Housing cost norm per square metre, Russia (Minstroy) | 116,427 ₽/sq m | H1 2026 | Minstroy of Russia, Order No. 777/pr of 08.12.2025 (registered with the Ministry of Justice on 30.12.2025, No. 84889) |
| Weighted average project-finance rate for Russian developers | 9.93% | 01.06.2026 | Bank of Russia, Financing of shared-equity housing construction, file as of 01.06.2026, «Total for Russia» row |
| Developer project-finance debt outstanding, Russia | 10.67T ₽ | 01.06.2026 | Bank of Russia, Financing of shared-equity housing construction, file as of 01.06.2026 |
| Escrow account balances, Russia | 7.47T ₽ | 01.06.2026 | Bank of Russia, Financing of shared-equity housing construction, file as of 01.06.2026 |
| Escrow coverage of project-finance debt | 70% | 01.06.2026 | Derived from Bank of Russia data as of 01.06.2026 (escrow balances / project-finance debt) |
US income property: occupancy, yield, debt
| Metric | Value | Period | Source |
|---|---|---|---|
| Occupancy, all US equity REITs | 93.2% | Q1 2026 | Nareit REIT Industry Tracker, Q1:2026 (published May 2026) |
| Implied cap rate, US equity REITs | 5.9% | Q1 2026 | Nareit REIT Industry Tracker, Q1:2026 |
| Weighted avg stabilized yield, industrial development stabilizations | 7.2% | H1 2026 | Prologis, Q2 2026 results (press release / SEC filing), development stabilizations H1 2026 |
| Minimum underwritten DSCR, agency multifamily loan (Tier 2) | 1.25x | 04.2026 | Fannie Mae Multifamily Selling & Servicing Guide / Form 4660: Underwritten DSCR |
Cap rates by sector (CBRE survey)
| Metric | Value | Period | Source |
|---|---|---|---|
| Cap rate, multifamily Class A stabilized (infill + suburban), span across US markets | 4.25–6.5% | H2 2025 | CBRE US Cap Rate Survey H2 2025 (Feb 2026) |
| Cap rate, industrial Class A stabilized, span across US markets | 4.75–7% | H2 2025 | CBRE US Cap Rate Survey H2 2025 (Feb 2026) |
| Cap rate, office downtown Class A stabilized, span across US markets | 5.5–14% | H2 2025 | CBRE US Cap Rate Survey H2 2025 (Feb 2026) |
| Cap rate, retail neighborhood center Class A stabilized, span across US markets | 4.5–7.75% | H2 2025 | CBRE US Cap Rate Survey H2 2025 (Feb 2026) |
| Cap rate, hotels (full-service luxury resort … limited-service), span across US markets | 5–11% | H2 2025 | CBRE US Cap Rate Survey H2 2025 (Feb 2026) |
How to read this
What matters about these numbers
- CBRE cap rates are estimates by 200+ professionals across 50+ markets, not transactions. Treat them as an exit-cap anchor, not as a valuation of a specific asset.
- The office spread (5.5–14%) is itself the finding: the sector bifurcated after 2020, and an "average office cap rate" does not exist.
- Nareit's implied cap rate is derived from REIT share prices and historically diverges from private-market transaction cap rates by tens to hundreds of basis points — use it as an independent sanity check, not as a deal valuation.
- Escrow coverage is a derived figure and the formula is disclosed: escrow balances divided by project-finance debt. It drives the developer's actual rate — the bank discounts the escrow-covered portion of the loan.
- The Minstroy norm is the basis for social housing payments, not a market price; the order sets separate values per region.
- Prologis stabilized yields come from a single best-in-class issuer: read them as the upper edge of the norm for industrial development, not as a market average.
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